SK hynix just pulled off something SpaceX couldn’t: a better first day on Wall Street.
The South Korean memory chip titan opened its American Depositary Receipts at $170 on Nasdaq on July 10, trading under the ticker SKHY. That represents an approximately 14% gain from the offering price, outpacing SpaceX’s 11% debut pop from its own record-shattering IPO in June 2026.
The numbers behind the debut
SK hynix’s offering raised between $26.5 billion and $28 billion, making it the largest-ever US debut by a foreign company. For context, that’s second only to SpaceX’s $85.7 billion IPO on the all-time US listings leaderboard. Ten ADRs represent one common share of SK hynix, a structure designed to make the stock more accessible to American retail and institutional investors alike.
The company’s market capitalization has swelled to roughly $1 trillion, fueled by a staggering 260%-plus rally year-to-date.
